This quote is from the art editor of the International Herald Tribune, Souren Melikian, and appeared a few months back. Where you see the word 'art' substitute the word 'wine'. The upper end of the wine market left reality some time ago and I would be surprised if the same forces as seen in the art market were not at play.

"Another reason behind the growing unpredictability of auction prices is the massive entry into the market of new buyers with little exposure to art. Unable to judge for themselves how good a work is, they turn to the auction house. This betrays their lack of awareness of how the system works. Clever businessmen who made billions in Moscow or Beijing rarely realize that "estimates" often reflect the consignor's ambitions as much as the auction specialist's considered opinion. They turn for advice to the auction house specialist who cannot but quote his/her estimate and often recommends going beyond in order to secure the item.

"Since buying art is as much a status symbol to some new buyers as a real passion, paying more is not a problem. It enhances the weightiness of the symbol. Little wonder that Christie's celebrates its "continued investments in new and emerging markets - including India, Dubai, Russia and China."

Friday, 20th August, 2004

Thursday, 19th August, 2004

Wednesday, 23rd June, 2004

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